Adani to acquire 58% stake in Gangavaram port
24 Mar 2021
2 Min Read
Editorial Team
Adani Ports and Special Economic Zone (APSEZ) is set to acquire a 58% stake in Vishakapatnam's Gangavaram Port Ltd (GPL) for Rs 3,604 crore.
Adani Ports had announced on March 3 the acquisition of Warburg Pincus's 31.5% stake in GPL, and together with this acquisition, APSEZ would have an 89.6% stake in GPL.
The company informed the media that it had signed an agreement on 23 March 2021, with the DVS Raju and Family to acquire a 58.1% stake in GPL.
The acquisition is in line with the company's strategy of East Coast to West Coast parity and will provide access to growth from new hinterland markets as it has coverage in resource-rich and industrial belt in eastern, central and southern India, Adani Ports added.
Adani Ports added further that the acquisition is expected to be completed within six months.
GPL is located near Visakhapatnam port, and is the second-largest, non-major port in Andhra Pradesh, with a 64 million metric tonne (mmt) capacity established under a concession from the Government of Andhra Pradesh (GoAP) that extends till 2059.
It is an all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 200,000 DWT. Currently, GPL operates nine berths and has freehold land of 1,800 acres. The port, floated by Chairman and Managing Director DVS Raju, is engaged in the business of handling various types of dry bulk and break bulk cargo.
Also read:
Also read: Adani Ports market cap crosses Rs 1 trillion mark
Also read: APSEZ acquires 75 per cent stake in KPCL
Adani Ports and Special Economic Zone (APSEZ) is set to acquire a 58% stake in Vishakapatnam's Gangavaram Port Ltd (GPL) for Rs 3,604 crore.
Adani Ports had announced on March 3 the acquisition of Warburg Pincus's 31.5% stake in GPL, and together with this acquisition, APSEZ would have an 89.6% stake in GPL.
The company informed the media that it had signed an agreement on 23 March 2021, with the DVS Raju and Family to acquire a 58.1% stake in GPL.
The acquisition is in line with the company's strategy of East Coast to West Coast parity and will provide access to growth from new hinterland markets as it has coverage in resource-rich and industrial belt in eastern, central and southern India, Adani Ports added.
Adani Ports added further that the acquisition is expected to be completed within six months.
GPL is located near Visakhapatnam port, and is the second-largest, non-major port in Andhra Pradesh, with a 64 million metric tonne (mmt) capacity established under a concession from the Government of Andhra Pradesh (GoAP) that extends till 2059.
It is an all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 200,000 DWT. Currently, GPL operates nine berths and has freehold land of 1,800 acres. The port, floated by Chairman and Managing Director DVS Raju, is engaged in the business of handling various types of dry bulk and break bulk cargo.
Image Source
Also read: Three new ports in Andhra to help boost maritime trade
Also read: Adani Ports market cap crosses Rs 1 trillion mark
Also read: APSEZ acquires 75 per cent stake in KPCL
Next Story
Indian Airports Shift to Green Energy with Solar Power
India is leading a solar revolution in aviation, with more than forty-four airports operating fully on renewable energy as of mid-2023. Over one hundred and twenty airports are expected to become carbon-neutral by 2025, marking a major shift in sustainable infrastructure.The movement began with Cochin International Airport, the world鈥檚 first fully solar-powered airport in 2015. Its solar farm has grown from twelve megawatts to fifty megawatts, producing over seventy million units annually and offsetting more than 1.5 million tonnes of carbon dioxide. This success has inspired similar initiat..
Next Story
ED Searches 13 Locations Linked to Illegal Buildings in Vasai
The Mumbai Enforcement Directorate (ED) searched thirteen locations in Vasai and Virar linked to builders involved in constructing 41 illegal buildings on a 60-acre plot earmarked for public projects. These premises were connected to those responsible for unauthorised constructions in the Vasai-Virar Municipal Corporation (VVMC) area.The 41 illegal buildings were demolished by VVMC over twenty-two days earlier this year following Bombay High Court orders. The ED鈥檚 probe began after multiple first information reports by the Mira-Bhayandar police related to the illegal constructions.The ED fou..
Next Story
RERA Orders Builder to Refund Buyers for Project Delay in Telangana
The Telangana Real Estate Regulatory Authority (TGRERA) has ordered R 亚博体育官网首页s Realtors Global LLP to refund six buyers for delays in completing a residential project at Beeramguda. The buyers had booked flats in Jai Vasavi鈥檚 ORR Heights in 2021, paying over Rs eight million.The builder promised construction would start by January 2022 and flats would be handed over within thirty months of approvals. However, even after more than two years, only initial digging work was done. The builder changed building plans from five floors to nine without informing buyers or obtaining consent.RERA found tha..
